In 2015, the central bank announced that all ATM cards would be EMV-standard chip cards by 2020, to ensure safety for banks and their customers and reduce risks in ecommerce for both buyers and sellers.
Five banks will be chosen to trial the conversion and other banks follow suit. The five will have to gradually collect magnetic cards from cardholders and replace them with the new ones, and upgrade ATMs and credit card readers to make them compatible with the chip technology.
Napas, the new name of the National Payment Corporation of Vietnam, has been assigned to work with domestic banks to implement this scheme based on a road map. Its major shareholder is the SBV, which manages and operates the national card switching system.
Napas director Nguyen Tu Anh said that most cards did not meet international security standards. He added that Besides security, the conversion to the new card is meant to get infrastructure ready for the application of new payment technologies in the near future.
According to the latest statistics, there are 90 million cards issued by 43 banks, of which 80 million are ATM cards.
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